Neuronetics, Inc. has announced that it has completed its Series E financing totaling $30 million, with two new investors — Polaris Venture Partners and Pfizer Venture Investments — leading the round.
Neuronetics, Inc. is the maker of the NeuroStar TMS (Transcranial Magnetic Stimulation) Therapy® System for the treatment of major depression. Investor Growth Capital, New Leaf Venture Partners, Interwest Partners, Three Arch Partners, Quaker BioVentures, and Onset Ventures are previous investors who participated in the round.
Neuronetics has marketed the NeuroStar TMS system for the treatment of major depression for patients who have not adequately benefitted from prior antidepressant medication. The therapy system was cleared by the United States Food and Drug Administration in October 2008.
“This financing is a tremendous vote of confidence in the potential of NeuroStar TMS Therapy by two premier life science investors,” said Bruce J. Shook, President and CEO of Neuronetics, Inc. “The financial resources, experience and knowledge that Polaris and Pfizer bring to our company will allow us to build on our success and accelerate our efforts to bring NeuroStar to the millions of people suffering from depression.”
“The market opportunity for a novel, non-invasive and non-systemic treatment for major depression like Neuronetics’ NeuroStar TMS Therapy is extremely attractive,” said Kevin Bitterman, Ph.D., Principal at Polaris Venture Partners. “The NeuroStar TMS system gives psychiatrists an entirely new tool in their effort to treat those patients who are struggling with depression and do not get relief from existing therapies. The team at Neuronetics has done an impressive job of bringing this technology into mainstream medical practice, and we look forward to helping advance this important effort.”
“Pfizer has had a longstanding interest in treating depression,” said Elaine Jones of Pfizer Venture Investments. “We look at Neuronetics’ progress as the beginning of a potentially important advance in how we treat this often debilitating, chronic and costly disease. We are excited about supporting Neuronetics’ effort to bring a new and innovative solution to psychiatry.”
Neuronetics, Inc. is a privately held medical device company focused on developing non-invasive therapies for psychiatric and neurological disorders using MRI-strength magnetic-field pulses. Based in Malvern, Penn., Neuronetics is the leader in the development of NeuroStar TMS Therapy, a non-invasive and non-systemic form of neuromodulation. Neuronetics, Inc. was represented in the Series E financing by Pepper Hamilton, LLP.
For additional information: http://www.sys-con.com/node/1834573